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    Fundamental concept of economics: supply and demand

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    The solution looks briefly at the core concepts of supply and demand, the laws of supply and demand, and what constitutes a market equilibrium.

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    Core definitions:
    Supply: what producers of good or services are willing to provide consumers at a specific price
    Demand: what consumers are willing to purchase from producers at a certain price

    Supply and demand is one of the core concepts of economics. The law of demand states that when a price for a good or service rises, consumers will decrease their demand for that particular good or service (as it is ...

    Solution Summary

    This solution reviews the laws of supply and demand, and what makes a market equilibrium